Naviter Wealth LLC Sells 1,251 Shares of Starbucks Corporation (NASDAQ:SBUX)

by · The Markets Daily

Naviter Wealth LLC lessened its stake in shares of Starbucks Corporation (NASDAQ:SBUX – Free Report) by 15.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,907 shares of the coffee company’s stock after selling 1,251 shares during the period. Naviter Wealth LLC’s holdings in Starbucks were worth $675,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of SBUX. Norges Bank bought a new position in Starbucks in the fourth quarter worth approximately $1,244,812,000. Capital World Investors grew its holdings in Starbucks by 20.1% in the fourth quarter. Capital World Investors now owns 54,924,230 shares of the coffee company’s stock worth $5,011,796,000 after purchasing an additional 9,174,682 shares during the last quarter. FMR LLC grew its holdings in Starbucks by 27.0% in the fourth quarter. FMR LLC now owns 25,128,649 shares of the coffee company’s stock worth $2,292,989,000 after purchasing an additional 5,348,790 shares during the last quarter. Capital Research Global Investors grew its holdings in Starbucks by 167.6% in the fourth quarter. Capital Research Global Investors now owns 5,690,198 shares of the coffee company’s stock worth $519,230,000 after purchasing an additional 3,563,942 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Starbucks in the fourth quarter worth $284,283,000. Institutional investors own 72.29% of the company’s stock.

Starbucks Stock Up 0.3%

SBUX stock opened at $92.11 on Monday. The company’s 50-day simple moving average is $86.80 and its 200-day simple moving average is $94.29. Starbucks Corporation has a 52-week low of $71.55 and a 52-week high of $117.46. The firm has a market cap of $104.67 billion, a P/E ratio of 33.37, a PEG ratio of 4.73 and a beta of 1.00.

Starbucks (NASDAQ:SBUX – Get Free Report) last posted its earnings results on Tuesday, April 29th. The coffee company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.10). Starbucks had a negative return on equity of 42.14% and a net margin of 8.61%. The firm had revenue of $8.76 billion for the quarter, compared to analysts’ expectations of $8.90 billion. During the same period in the previous year, the company earned $0.68 earnings per share. The company’s revenue was up 2.3% compared to the same quarter last year. On average, analysts anticipate that Starbucks Corporation will post 2.99 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on SBUX shares. Evercore ISI reaffirmed an “outperform” rating and issued a $105.00 price target (up from $95.00) on shares of Starbucks in a report on Tuesday, June 24th. Citigroup boosted their price objective on shares of Starbucks from $84.00 to $95.00 and gave the company a “neutral” rating in a report on Thursday, June 12th. Baird R W lowered shares of Starbucks from a “strong-buy” rating to a “hold” rating in a report on Monday, April 7th. Argus raised shares of Starbucks from a “hold” rating to a “buy” rating and set a $115.00 price objective on the stock in a report on Tuesday, March 18th. Finally, Barclays reissued an “overweight” rating and set a $108.00 price objective (up from $98.00) on shares of Starbucks in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $98.76.

View Our Latest Stock Analysis on SBUX

Starbucks Profile

(Free Report)

Starbucks Corporation, together with its subsidiaries, operates as a roaster, marketer, and retailer of coffee worldwide. The company operates through three segments: North America, International, and Channel Development. Its stores offer coffee and tea beverages, roasted whole beans and ground coffees, single serve products, and ready-to-drink beverages; and various food products, such as pastries, breakfast sandwiches, and lunch items.

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